What are the different methods of depreciation?
An example of an AI chatbot conversation about depreciation methods in accounting.
What are the different methods of depreciation?
There are several methods of depreciation, including straight-line, declining balance, and units of production. Would you like to know more about a specific method?
Can you explain the straight-line method?
Sure! The straight-line method spreads the cost of an asset evenly over its useful life. For example, if you buy a machine for $10,000 with a useful life of 10 years, you would depreciate $1,000 each year.
What about the declining balance method?
The declining balance method accelerates depreciation, meaning you write off more in the earlier years. It uses a fixed percentage of the asset's remaining book value each year.
Which method is the best for tax purposes?
It often depends on your business situation. The declining balance method can provide larger deductions in the early years, which may be beneficial for tax purposes.
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